Bill Overview
Title: Accelerating Small Business Growth Act
Description: This bill establishes a grant program for states, local governments, tribes, and certain public transit authorities to assist small businesses owned by socially and economically disadvantaged individuals compete for federal contracts for infrastructure projects.
Sponsors: Rep. Gomez, Jimmy [D-CA-34]
Target Audience
Population: People who own or work for small businesses owned by socially and economically disadvantaged individuals worldwide
Estimated Size: 5000000
- The bill aims to assist small businesses owned by socially and economically disadvantaged individuals.
- This includes small businesses participating in federal contracts for infrastructure projects.
- A large number of small businesses globally are owned by individuals who are socially or economically disadvantaged.
Reasoning
- The policy is aimed at socially and economically disadvantaged small businesses, implying a focus on diverse, minority-owned, and economically struggling enterprises.
- The target is specific to those eligible for federal contracts in infrastructure, potentially limiting eligibility despite high interest among small businesses generally.
- Given the budget constraints, careful selection and assistance will be required to ensure meaningful impact on a subset of eligible businesses.
- Small businesses can vary from sole proprietorships to enterprises employing hundreds, so 'impact' will also vary based on business size, contract readiness, and sector within infrastructure.
- Over time, the multiplier effect as these businesses grow and hire more will potentially broaden impact beyond initial recipients.
Simulated Interviews
Owner of a small construction firm (Chicago, IL)
Age: 34 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 5.0 years
Commonness: 15/20
Statement of Opinion:
- I have struggled to get my foot in the door with federal contracts.
- This grant could provide the resources needed to expand my capabilities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
IT consultant for small businesses (Atlanta, GA)
Age: 29 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 7.0 years
Commonness: 12/20
Statement of Opinion:
- My clients struggle with the competitive nature of federal contracts.
- Consulting for businesses with access to grants can increase my business.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 10 | 6 |
| Year 20 | 9 | 6 |
Accountant (Phoenix, AZ)
Age: 45 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 18/20
Statement of Opinion:
- The more grants that are available, the more services I can offer.
- Helping small minority businesses thrive is part of my commitment to the community.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Restaurateur (Seattle, WA)
Age: 38 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 0.0 years
Commonness: 20/20
Statement of Opinion:
- This policy is not directly related to my business sector, but there may be indirect benefits.
- If more small businesses succeed, they might spend more at my restaurant.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 5 |
| Year 2 | 5 | 5 |
| Year 3 | 5 | 5 |
| Year 5 | 5 | 5 |
| Year 10 | 5 | 5 |
| Year 20 | 5 | 5 |
Civil Engineer (New York, NY)
Age: 52 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- Any assistance in navigating federal contracts would be greatly beneficial.
- I hope this means more opportunities for our small firm.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 8 | 6 |
Owner of a logistics company (Houston, TX)
Age: 41 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- I think this is a good opportunity to grow my business into federal logistics.
- Grants would help cover initial costs of federal compliance.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 9 | 7 |
Freelance grant writer (Detroit, MI)
Age: 27 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 16/20
Statement of Opinion:
- Opportunities for creating impactful grant proposals might increase.
- More my clients get funded, more repeat business for me.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 9 | 7 |
| Year 3 | 9 | 7 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 7 |
Retired, former small business owner (Miami, FL)
Age: 65 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 0.0 years
Commonness: 15/20
Statement of Opinion:
- It's great the government is doing something, but it won't affect me now.
- I hope it helps others in my former community expand their businesses.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 8 | 8 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Owner of a small landscaping business (Los Angeles, CA)
Age: 53 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 14/20
Statement of Opinion:
- I think this bill will open doors for sustainable project work.
- Having access to capital for contract compliance is crucial for growth.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 9 | 5 |
Electrician (Denver, CO)
Age: 39 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 16/20
Statement of Opinion:
- Grants that help firms I might partner with could improve my workload.
- Hoping to see more electric projects that need my expertise.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 7 | 6 |
Cost Estimates
Year 1: $500000000 (Low: $450000000, High: $550000000)
Year 2: $510000000 (Low: $460000000, High: $560000000)
Year 3: $520000000 (Low: $470000000, High: $570000000)
Year 5: $530000000 (Low: $480000000, High: $580000000)
Year 10: $550000000 (Low: $500000000, High: $600000000)
Year 100: $1000000000 (Low: $900000000, High: $1100000000)
Key Considerations
- Target population includes a substantial portion of U.S. small businesses.
- The initiative aligns with federal goals to support disadvantaged communities.
- Potential long-term economic impacts through increased competition and innovation.